There are currently no items available for purchase in this Department. Search our Auction Archives below to find item values.
Lot
5513

1849 G$1 No L PR64 Cameo NGC....

2012 October 18-21 ANA US Coins Signature Auction - Dallas #1175

 
Sold for: Not Sold
Auction Ended On: Oct 19, 2012
Item Activity: 7 Internet/mail/phone bidders
2,201 page views
Location: Dallas Convention Center
650 S. Griffin Street
Dallas, TX 75202

Description:

PR64 Cameo 1849 No L Gold Dollar
Finer of Two Certified Specimens
A Landmark Numismatic Offering
1849 G$1 No L PR64 Cameo NGC. The debate over proof 1849 No L, Open Wreath gold dollars boils down to a four-word question that only seems simple: "What makes a proof?"
Perhaps the only universal criterion for "proof" in U.S. numismatics is the intent to make a special coin. While there are varying degrees of quality for regular-issue or business-strike coins, a proof is meant to be set apart from those peers -- apart and above. That said, the difference between a quality "prooflike" business strike and a true proof can be hard to discern, and the farther back in U.S. numismatic history one goes, the hazier the boundary gets. This is especially true in the pre-1858 era, when proof production was irregular and many protocols that apply to later 19th century issues were not in place.
Further complicating matters for the 1849 No L, Open Wreath gold dollar proofs is that the mintage was relatively small (Q. David Bowers estimates 10,000 pieces in A Guide Book of Gold Dollars) and many coins were saved, so the proportion of "prooflike" survivors is high -- muddling the question of whether true proofs exist. In his Guide Book on the subject, Bowers recounts how esteemed experts can disagree on whether or not a coin is a true proof, using a coin in a Bowers and Merena auction as an example (italics his):

"At the viewing of the lot, qualified observers were divided in their opinions, but one suggested that all that was needed was to have it certified 'Proof' and that would end the matter; today, it is not unusual for opinions to change into facts (sort of) by this method!"


The one coin that has the most published acceptance of any claimed proof 1849 gold dollar ("unquestioned" according to Bowers, "indisputable" per Garrett and Guth in their Encyclopedia of U.S. Gold Coins), acquired in 1849 and now in the National Numismatic Collection of the Smithsonian Institution, has been harshly cleaned on the reverse; effectively, it is called a proof based on one side's "prooflikeness," for its acquisition the same year it was struck is mere circumstantial evidence.
Leaving cynicism about grading services aside for a moment, the existence of proof 1849 No L, Open Wreath gold dollars rarely has been in question, even as the statuses of various coins have come under scrutiny. (Mint records do not indicate the striking of any proofs, but as the historical record shows, this is hardly a disqualifier.) Walter Breen gave multiple estimates of the number of proofs extant, never more than a dozen; David Akers too evolved with time, from "seven to eight" with two auction appearances in his landmark book series from the 1970s to "nine or 10" in his 1984 cataloging of a coin he believed to be a proof.
Returning to the grading services, while PCGS has certified no 1849 gold dollars as proofs, NGC recognizes two. This PR64 Cameo example was the first to be certified, as it is mentioned in the first (2006) edition of Garrett and Guth, whereas the PR62 specimen also in the Census Report goes unmentioned and so must have been certified later. Based on the Star designation, NGC recognizes this coin's eye appeal and quality by proof standards, which crystallizes how strongly NGC felt about the topic when it encapsulated the piece.
The overriding question for this specimen is not "What makes a proof?" but rather "What else could this coin be?" The deep mirrors, pale sun-yellow or glossy "black" depending on the angle of the light, do not suggest a "prooflike" trick but an honest attempt at making a coin special; the same goes for the frost on Liberty's portrait, the 13 stars around that show complete centers (!), and the reverse wreath. Light linear flaws through the letters ITE of UNITED suggest die cracks, but this alone has little bearing on the coin's seeming proof status. Three parallel depressions between the left ribbon end and the U of UNITED may serve as a pedigree marker.(Registry values: P9) (PCGS# 87592)

View large image(s) of this item

Service and Handling Description: Coins & Currency (view shipping information)

Sales Tax information  | NGC Coin Grading Guarantee  |  Terms and Conditions

Bidding Guidelines and Bid Increments

Guides and Pricing Information:

Previous Prices from Heritage Auctions
Sign-in or Join (free & quick)
Price Guide
Sign-in or Join (free & quick)
Population Guide
Sign-in or Join (free & quick)
Find Auction Prices for Comparable Items:

Photographs:
Sign-in or Join (free & quick) to see the full image




Videos:
FLOOR AUCTIONS View All
Open For Bidding
Coming Soon
HERITAGE MEMBERSHIP
907,504
bidder-members
$977,479,997
sold in the last year
VIEW BENEFITS
  1. Past Auction Values (prices, photos, full descriptions, etc.)
  2. Bid online
  3. Free Collector newsletter
  4. Want List with instant e-mail notifications
  5. Reduced auction commissions when you resell your
    winnings 
CONSIGNMENTS WANTED
Only 2 days left to consign to the 2015 January 7 - 12 FUN US Coins Signature Auction - Orlando!
Learn About Consigning With Us
As a first time consignor, I was very pleased with my experience with Heritage from the first call to cashing the check!
X.C. ,
Palo Alto, CA
HA.com receives more traffic than any other auction house website. To compare for yourself, visit: compete.com
Take our 2014 Coin
and Currency Survey
Grand prize:
A Certified Uncirculated
1907 High Relief $20!*
Take the Survey
HERITAGE VIDEO TUTORIAL
GETTING THE MOST OUT OF SEARCH
RECENT AUCTIONS
2014 November 14 - 15 Selections from the Eric P. Newman Collection Part V US Coins Signature Auction - New York
2014 November 14 - 15 Selections from the Eric P. Newman Collection Part V US Coins Signature Auction - New York
REALIZED $10,408,819
2014 September 3 - 10 Long Beach Expo World Coins Signature Auction - Long Beach
2014 September 3 - 10 Long Beach Expo World Coins Signature Auction - Long Beach
REALIZED $9,039,261
2014 September 4 - 8 Long Beach Expo World Currency Signature Auction - Long Beach
2014 September 4 - 8 Long Beach Expo World Currency Signature Auction - Long Beach
REALIZED $1,817,724